United Spirits Ltd May 29 reported a 40.19 per cent decline in standalone net profit at Rs 126.20 crore for the fourth quarter ended March on account of significantly lower other income.
The company had posted a standalone net profit of Rs 211 crore in the year-ago quarter, United Spirits Ltd (USL) said in a regulatory filing.
Revenue from operations during the quarter under review stood at Rs 7,215.6 crore as against Rs 6,900.4 crore in the corresponding period of the previous fiscal, up 4.56 per cent.
Sales were primarily impacted by excise policy changes in a couple of key states, USL said.
In the fourth quarter, the company logged other income of just Rs 11.9 crore whereas it stood at Rs 121 crore in the previous fiscal.
For the fiscal ended March 31, USL said its consolidated net profit was at Rs 683.60 crore as compared to Rs 651.9 crore in the previous year, a growth of 4.86 per cent.
Consolidated revenue from operations for 2018-19 was at Rs 28,872.5 crore as against Rs 26,555.9 crore in the previous year, it said.
"It was a good year with sales growing 10 per cent, notwithstanding a low comparative. However, our business was impacted in the current quarter by excise policy changes in a couple of our key states," USL CEO Anand Kripalu said.
During the year, he said, "our 'Prestige and Above' portfolio performed well, growing 15 per cent, albeit on a low base."
Popular segment, on the other hand, remains challenged, growing 1 per cent for the full year after a decline of 4 per cent last year, adjusted for the operating model changes, he added.
"Overall, in this fiscal, we have delivered strong top line growth while continuing to premiumise our mix. We have also delivered EBITDA margin expansion despite significant inflationary pressure on our raw materials; while simultaneously enhancing investment behind our brands," Kripalu said.USL said its board has not recommended any dividend on the equity shares of the company for the year ended March 31, 2019.